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AMEX Business Line of Credit, A very good day!

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fm92555
Regular Contributor

AMEX Business Line of Credit, A very good day!

I started an LLC in February last year to start building credit lines to eventually have lines large enough to take some good business opportunities as they come along. I started with a business AMEX as that was easier to get with the personal profile I have with them. I built a good reputation with them again after being blacklisted for about a decade. So my initial Business Blue Cash card I beleive was 3k, then CLI to about 5-7k, now up to 15k. I also took their offer for 30k points by opening a bus checking account with 5k in deposit in January.

 

I was also working on new accounts with PNC, first a bank account and then 9 months later a credit card 17.5k, and U.S. Bank with a 3k credit card.

 

Amex sends me a letter today that I am pre-approved for a bus line of credit. From reading the boards here I felt good I could get something from 5-25k but I was holding out on any new accounts to get my scores up (750's-760's) into the 800's. Well the letter said I could pre-check the amount they would give me without a hard pull. So I check and I laughed when they came back with an amount of $115k with fixed interest rates quoted 3% for 6 month, 8% for 12 month.

 

Of course I was saying to myself, "ya but when I actually apply I will get much less and much more expensive". I know that many applications with Amex are SP and all but my first card were SP, so I decided it was worth the chance.

 

BOOM! 115k LOC Approved. No application fee, No prepayment penalties, no draw fees, no personal hard pull yet!

 

I had to connect my PNC account because that is where I put my transactions, not much just 10k or so in transactions in the past 4-5 months, but I did have a balance right now of 17k. I have sacrificed and pulled some money from a 401k loan for 1 year to show these balances in the business accounts. I will be paying that off now. 

 

I didn't think I would get something this high for another 18 months or so after I built up other credit lines in the 25-50k range first. I did make an initial draw on the credit line for two reasons; first so PNC and other lenders can see that amount hit my account and second because I can't beleive it is true and I want to make use of it before they realize they were wrong.

 

So for me it has been a good day. I won't use this LOC much accept to build a better profile to get more lines. I know I will pay a little for interest to make use of the LOC, but I am willing to pay the price. At least it is not like some of the other high cost loans I see. 

 

I will keep looking for a hard pull on my reports, but I haven't go a notification as of yet! I don't know if this reports to personal so i will always have to make sure I pay by statement date.

Message 1 of 15
14 REPLIES 14
Epiki71
Regular Contributor

Re: AMEX Business Line of Credit, A very good day!

congrats on the approval.

Last Signature Update: 03/08/2023





Message 2 of 15
Schmoopy
New Contributor

Re: AMEX Business Line of Credit, A very good day!

Congrats. if you didnt' get a hard pull yet you probably won't.

I have a personal card with Amex and when I applied to a business cc they didn't do a hard pull at all!

8/2017 Experian 684 | 11/2017 Transunion 640 | 10/25/2018 Experian 784, Transunion 711, Equifax 707 | 11/1/2018 Experian 797, Transunion 709, Equifax 709 | 2/20/2021 Experian 744, Transunion 716, Equifax 703 | 1/29/2022 Experian 695, Transunion 700, Equifax 700 | 6/11/2022 Experian 792, Transunion 749, Equifax 742 | 8/4/2022 Experian 757, Transunion 782, Equifax 745 | 3/22/2023 Experian 817, Transunion 825, Equifax 827
Message 3 of 15
JoeRockhead
Senior Contributor

Re: AMEX Business Line of Credit, A very good day!

Very nice thing to have at your disposal, congratulations on your Amex BLOC approval! 

Message 4 of 15
SouthJamaica
Mega Contributor

Re: AMEX Business Line of Credit, A very good day!


@fm92555 wrote:

I started an LLC in February last year to start building credit lines to eventually have lines large enough to take some good business opportunities as they come along. I started with a business AMEX as that was easier to get with the personal profile I have with them. I built a good reputation with them again after being blacklisted for about a decade. So my initial Business Blue Cash card I beleive was 3k, then CLI to about 5-7k, now up to 15k. I also took their offer for 30k points by opening a bus checking account with 5k in deposit in January.

 

I was also working on new accounts with PNC, first a bank account and then 9 months later a credit card 17.5k, and U.S. Bank with a 3k credit card.

 

Amex sends me a letter today that I am pre-approved for a bus line of credit. From reading the boards here I felt good I could get something from 5-25k but I was holding out on any new accounts to get my scores up (750's-760's) into the 800's. Well the letter said I could pre-check the amount they would give me without a hard pull. So I check and I laughed when they came back with an amount of $115k with fixed interest rates quoted 3% for 6 month, 8% for 12 month.

 

Of course I was saying to myself, "ya but when I actually apply I will get much less and much more expensive". I know that many applications with Amex are SP and all but my first card were SP, so I decided it was worth the chance.

 

BOOM! 115k LOC Approved. No application fee, No prepayment penalties, no draw fees, no personal hard pull yet!

 

I had to connect my PNC account because that is where I put my transactions, not much just 10k or so in transactions in the past 4-5 months, but I did have a balance right now of 17k. I have sacrificed and pulled some money from a 401k loan for 1 year to show these balances in the business accounts. I will be paying that off now. 

 

I didn't think I would get something this high for another 18 months or so after I built up other credit lines in the 25-50k range first. I did make an initial draw on the credit line for two reasons; first so PNC and other lenders can see that amount hit my account and second because I can't beleive it is true and I want to make use of it before they realize they were wrong.

 

So for me it has been a good day. I won't use this LOC much accept to build a better profile to get more lines. I know I will pay a little for interest to make use of the LOC, but I am willing to pay the price. At least it is not like some of the other high cost loans I see. 

 

I will keep looking for a hard pull on my reports, but I haven't go a notification as of yet! I don't know if this reports to personal so i will always have to make sure I pay by statement date.


Wow. Congratulations. That is amazing.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 703 TU 704 EX 687

Message 5 of 15
TMDSCT
Regular Contributor

Re: AMEX Business Line of Credit, A very good day!

Congratulations!  I kept getting a pop up when I logged into AMEX business cards stating my business was pre-approved for a BLOC of $25k, with no impact to my credit.  I finally pulled the trigger and received that exact amount without a HP.  I recieved a call the next day from AMEX account manager telling me once I connected my business checking accounts the system would evaluate the line of credit for the first 30 days and it was likely I would receive a much higher credit line.  But IMO the fees seem to be a bit high and the term a little short for anything I might be interested in.  But I agree it's nice to know I have it there if I need it.

Message 6 of 15
fm92555
Regular Contributor

Re: AMEX Business Line of Credit, A very good day!

I received those as well and I just brushed them off. I didn't beleive I was able to get a 25k loan yet.

 

I am going to see how the draw works when paying the LOC back after a week. I was looking online and other lines of credit by internet lenders are crazy expensive. My next attempt will be PNC as I beleive their credit line is $175 annual fee + interest costs. But I think I want to wait another 6 months and that will give me over 18 months in business.

 

 

Message 7 of 15
URHomeInvestments
Regular Contributor

Re: AMEX Business Line of Credit, A very good day!

Thank you for writing up the entire story.  I just received a similar offer in the mail, also have a relationship with AMEX on the personal side, but they burned me on the business side.  They extended a gold card and then said they were no longer offering that card.  It was a pain to pay back at the time they wanted it paid back.  The burning can go both ways, just saying.  Anyway, I am also working on the personal credit and also didn't want a HP.  Awesome line! 

Message 8 of 15
fm92555
Regular Contributor

Re: AMEX Business Line of Credit, A very good day!

I originally wanted back in with AMEX after the blacklisting just to know I could.

 

In the past couple years they have been very generous even though we had a rough past. To be honest, I will always be careful with them as I know they will cut your credit lines quick at the first sign of a problem. But now that I have had that experience I will cautiously use what they give me to the fullest.

Message 9 of 15
URHomeInvestments
Regular Contributor

Re: AMEX Business Line of Credit, A very good day!

@fm92555We have a PNC close by, and you have had a great outcome with the steps you have taken.  I have one business account, but one more LLC that needs an account.  I'm grateful that you outlined those steps.  Hope to report similar success in the near future.  Thank you for your original post.  This business forum has so much to offer!

Message 10 of 15
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